Firering Strategic Minerals: From explorer to producer. Watch the video here.
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Austria, Georgia it doesn't matter, Kuenzel spends a fortune in Austria and then moves on without a mention. He never produced a Jorc figure for Rötgülden, if he had we could have sold the mine as a going concern and recouped some of the money we spent drilling holes.. I wonder why we never produced a Jorc figure despite banging on for two years that this was his intention..?? Please note in the statement below the date for approval of drilling Rötgülden had a two year expiry date from July 2014 so most likely have expired. What have we done since July 2014?? Nowt... The Rotgulden Project includes three additional highly prospective target areas located along 8km of strike running through the tenure. One of these, Altenberg, has previously produced grades of up to 86.4 g/t Au from sampling and a helicopter-supported drill programme had been outlined for the 2014 summer field season. Bearing in mind the complexity of the Rotgulden mineralisation, and the cost implications and logistics of undertaking a drill campaign at high altitudes, the Board has now decided to prioritise its operational and financial resources for drilling at Schonberg in the near term. The Company still intends to move forward with planning procedures for drilling at Altenberg and has been informed by the Austrian Mining Authority that the oral hearing to approve future drilling at Altenberg has been set for 2 and 3 of July 2014. This is the last stage in the approval process and will remain valid for 2 years. Notably, the Rotgulden Project continues to interest potential strategic partners who have approached the Board and discussions are on-going.
It's not a new discovery. There must be a reason that the Georgians/Russians didn't bother mining it. Probably wasn't economical. Do we really think the Noricum team are more skilled and will be able to exploit the resource profitably or will it just be drilled out until investors lose confidence and the cash runs out?
Problem here now is BOD, they can't be trusted. Placing, jam tomorrow, placing jam tomorrow. I sold out of here after lost RNS, was 1st to sell. Got out just above break even. Had high hopes for NMG but plain to see what it it is now, a lifestyle comp for BOD with just enough jam tomorrow to keep investors hanging on. A lot here will be waiting for the next ramp up to sell just before the next placing. Just because there is unproven resources of 6.6million Oz's of Gold etc, doesn't mean they will get it out of the ground, or getting it all would be comercially viable.
is an expensive place to mine and the austrian assets are further away from production than the georgian assets. The austrian assets are still there but need a lot more cash to get to production. Would you rather they kept with the austrian assets and have to raise a hell of a lot of more money to get to production than it would georgia?
Below are the results from Rötgülden in December 2013, does the theme and "sizzle" sound familiar to Georgia?? What did we do with Rötgülden?? Fork all... Noricum Gold's Managing Director, Greg Kuenzel said, "These further fantastic results, which also include some good widths, continue to demonstrate the very high grade nature of the gold, silver and copper mineralisation at the previously producing mine within the Rotgulden tenure. We look forward to receiving the results from the remaining 13 drill holes which are currently undergoing assay testing at the lab. Once received, we will be in a position to complete the modeling of a maiden, high grade resource for this first of four target areas within the project area. With this in mind, we expect H1 2014 to be active in terms of news flow and with work at Schonberg ongoing and the first batch of soil samples already shipped for testing, we look forward to updating the market regarding our progress across our Austrian precious metals portfolio over the coming months." · XB03 - 21m @ 4.04 g/t Au, 23.86 g/t Ag and 0.16 % Cu from 0m o Including 3m @ 9.14 g/t Au, 42.8 g/t Ag and 0.17 % Cu from 12m o And 2m @ 12.45 g/t Au, 33.9 g/t Ag and 0.12 % Cu from 18m · RZ06 - 14m @ 1.98 g/t Au, 20.02 g/t Ag and 0.14 % Cu from 5m o Including 2m @ 7.78 g/t Au, 8.01 g/t Ag and 0.24 % Cu from 16m · RZ07 - 11.7m @ 0.96 g/t Au, 28.07 g/t Ag and 0.11 % Cu from 7m · C09 - 1m @ 9.93 g/t Au, 0.2 g/t Ag from 113m (partial) · C14 - 4m @ 0.71 g/t Au, 9.61 g/t Ag and 0.15% Cu from 47m · RZ7A - 1m @ 1.31 g/t Au, 7.65 g/t Ag and 0.15 % Cu from 10m · C14 - 1m @ 1.01 g/t Au, 0.51 g/t Ag from 43m · RZ06 - 1m @ 0.99 g/t Au, 2.51 g/t Ag from 0m · RZ08 - 1m @ 0.97 g/t Au, 5.22 g/t Ag and 0.12 % Cu from 4m · RZ07 - 2m @ 0.64 g/t Au, 7.21 g/t Ag from 0m · RZ7A - 1m @ 0.63 g/t Au, 9.90 g/t Ag from 1m · RZ7A - 1m @ 0.56 g/t Au, 4.74 g/t Ag from 6m · RZ08 - 1m @ 0.50 g/t Au, 3.66 g/t Ag from 1m
The starter pits are exactly that and small in nature. The drilling around these sites has shown that the resource could be 70mt, at 1% copper thats $3.3bn. If the starter pits went ahead now we could not evaluate and draw a plan up for this resource and we would have to stop production later on to do it. Its a case of lining up the ducks with this one. The starter pits are lower on the hill where we need to undertake the extra work to evaluate what NMG think they have found. It will only hold back production for a few months and allow for a much larger production area to be brought forward. It is in the best interest of the shareholders.
Add in the following resource information o 40m at 2.11% CU from 69m (including 5m at 9.95% Cu) o 83m at 0.71% Cu from 23m (including 15m at 1.17% Cu) o 7m at 4.02% Cu from 39m o 13m at 1.52% Cu from 2m o Located adjacent to two anomalous adits: § 11.6m at 1.90% Cu from 31m ending in mineralisation § 11.4m at 2.47% Cu from 32m ending in mineralisation o And a deeper historic drill hole § 43m at 0.95% Cu from 83m Then add from the last RNS Recent drilling results highlight the high grade Cu potential including: o KED001: 33.00m at 1.04% Cu from surface o KED001: 23.25m at 2.82% Cu from 89.75m o KBRC042D 29.65m at 1.54% Cu from 23.00m o KBRC074D 15.00m at 0.72 g/t gold ('Au') from 5.00m o KBRC074D 28.00m at 0.53% Cu and 0.56 g/t Au from 43m o KBRC075D 13.00m at 0.46% Cu from 88m o KED002 14.00m at 0.28 g/t Au from surface o KED002: 35.00m at 0.37% Cu from 32m Then add in broad terms the 6.6 million ounces of gold,nearly a million tons of copper and 22 million ounces of silver. Once all the information is quantified the sp should react ~as before only a fool would call the sp as never being able to move forward from the very lowly price of .14p Whats not to like about NMGs future potential.
You for real fella?? I posted below that I bought in at 0.09~0.1 so even at 0.145 I'm sitting on a 50% profit so no need for a lower price for entry.. You need to read what people say. If your talking about facts and truth read the statements below from the company in their year end results as to what we should have expected in Q3, their words not mine, now ask yourself how many were facts and how many of them were true.. ? You're sniping at the wrong guy, you need to get Kuenzel in the crosshairs and ask him why he continually changes the story whilst never delivering a jot of investor value,
Ryan, you are wasting your time it is quite clear what the agenda is we can all see it, it goes on all over the BB's now both here and ADVFN. They arrive in force and do as much as they can to knock the company regardless of facts or the truth with the sole intention of trying to get the SP price down to buy in and add at a low a price as possible. Checking out their posting history you will see the same pattern on other BB's it is crystal clear. There are of course those that are bitter and twisted just because they invested at the wrong time buying at a much higher price but you can be assured they will hunt in pack. It is most certainly not for altruistic reasons you can be sure of that.
NMG are transforming lead by Martyn Churchouse. I am not going to argue with you. I have invested based on my research. Go ahead keep banging on. Worthless holes pmsl! Time will tell. Do you know much about resources and valuation curve? Geniune question? There are obvious reasons why Austria has been shelved for now. There are obvious reasons why Georgia is the focus of NMG and its obvious why production has been delayed.
Why the move on statement?? It's not hatred, its restating facts upon the past and current performance of the CEO simple as.. Please enlighten the bb as which part of your research we have missed that will deliver a "surprise" other than another slipping of deadlines to drill more worthless holes in the ground.. Investors want gold produced as Kuenzel pledged he would deliver in Q3. Below are the statements from the year end results published in April: Highlights · Actively progressed towards Q3 2016 low cost gold mining following the transformational acquisition of 50% of the Bolnisi Copper & Gold Project in Georgia · Noricum Gold now positioned as a near term gold ore producer and major resource developer o Total non-JORC resources of 980,000 tonnes of contained copper; 6.6 million ounces of gold; and 22 million ounces of silver o Work to convert these to JORC standards and identify new high grade target areas to build on current resource providing significant news flow potential and value upside o Funding for broader work programme expected to be delivered via cash flow from mining · Fully funded for production following raising of £1 million post period end · Strengthened Board with Martyn Churchouse appointed as Executive Director · Loss for the 12 months ended 31 December 2015 of £653,854 (2014: £1,372,756), which is in line with budget Noricum Gold Managing Director Greg Kuenzel said, "With first gold ore production set firmly in our sights for Q3 2016, our vision to generate cash flow to help fund our broader development of the significant resources already identified at the Bolnisi gold and copper project in Georgia is getting ever closer to being realised. The commencement of mining at a very small area within the greater Bolnisi tenure, which benefits from defined resources across 17 initial target areas, will prove to both our partner and the market that we have the expertise and capabilities to deliver production at low cost on a much larger scale in the future. Important to note is that in tandem with our production activities, we will be focused on developing and converting the historic Soviet resources across our licence area.
so much hatred from some posters here. Never mind chaps! move on! If you dont like what you see go and invest elsewhere. This is going to surprise a lot of angry pesimistic posters.
In the 2015 accounts the "Management Fee" was £344,578 an increase of 29% from the fees of £266,557 in 2014. Pray tell me what did Kuenzel deliver to deserve a 29% increase in fees let alone a cost to company of £344,578.. ?? OK some of this could be costs of other staff but I'll bet the majority is Kuenzel's salary. To put it into prospective the prime minister earns £143,462, so Kuenzel gets 2.5 X what somebody gets for running the country.. !! The only notable comparison being they both make a balls up of it..
You have to wonder why the Georgians never put it into production if it's such a wonderful asset. Also why go into partnership with a failure like Noricum than a proper well capitalised gold company? The odds of success are very much against the company ever making any real money IMO, but the directors do nicely with salaries, travel and nice expense accounts funded by shareholders.
It's not about congratulating each other, far from it, its about stating views upon the abjectly poor performance of this CEO over an extended period of time. In the five years I've been invested (to a greater or lesser extent) we have jumped from Lilly pad to Lilly pad never ever stopping long enough to catch a fly. Read some of the RNS's from 2012/13/14 where Kuenzel expounds the virtues of our wonderful Austrian assets, "a new gold production frontier in Western Europe" I believe is how he described them.. !! Where are they now.. ?? Forgotten about as they have served their purpose to fund his salary during this period. I wish you luck with your investment / punt and would encourage you to "watch the birdy" as it moves pretty quickly.. :+)
Andy, I have been struggling to sum up my thoughts on this company and it's BoD and you have nailed it ! It's has a ring of a brainwashing cult about, Keunzel and Koresh,what a team that would have been !! I wonder where he will be buying next, we always have an overlap to keep the hope going.......
It has to be a brave person or a fool to forecast the sp will only ever go negative. It will rise on the back of news including further investment interest from PIs who accept the resource base and can see further progress with NMG aims.
As you say its been a while, and as you rightly say my views are very similar to yours given the catalogue of false promises we have endured for many years, I'm astounded that he reneged on the production promise for Q3. I honestly felt that on this occasion Kuenzel would deliver, which is why I encouraged you to get even, not mad, however it seems my misplaced confidence that even knowing this was being set up for a punt, he would deliver some gold, he didn't, so oh how wrong was I. You've always stood up for your views and should be respected for that as that's what the BB is for, people to exchange views however they see it. I'm still in profit with this stock having bought most of the current holding at 0.09~0.1 and regret not outing them for a bagger at 0.2 ish a few months back, hey ho another lesson learned upon Kuenzel's BS. I'll most likely sell soon as have no confidence in the CEO to deliver anything more than another big spoonful of jam tomorrow. I don't know how he sleeps at night given his abysmal performance, he couldn't run a roadside chip van let alone an E+P gold company, he'll get his comeuppance at some point in the future and we can have the last laugh.. gl fella. :+) andy.
Andy, I've known you a long time on here and you, me. I've been calling out this point of view since last year when I finally grew tired of the never ending tales of impending success which always lead to nothing but cash raising, dilution and failed objectives. You've been courteous in terms of disagreeing with me on some occasions and pointed out that there was still money to be made from a trading perspective despite acknowledging that my assertions might have validity. Thank you for that courtesy - i hope it's felt reciprocated. You are one of the very few posters on here that I respect because you at least tell it like it is no matter what your own interests. I hope you manage to get away from this godawful stock with at least no losses.
Neither am I over-extended here or bitter, to put it bluntly I am totally amazed.. Why totally amazed?? Well, Kuenzel hasn't delivered one cent of investor value whilst running NMG and even after spending all year telling investors, the press and media that production would commence in Q3 he reneged on it... You mention the price will rise upon resource news.. Really!!! We have had news on resources for six straight years during which the share price has declined from 8p to 0.145 (a 95% reduction in share price). In most companies the CEO would have been fired years ago, so why hasn't Kuenzel gone, simples, he answers to nobody. Each year at the agm him and his cronies use their (free) shares to vote themselves in for another year with the snout in the trough. Absolutely scandalous and that's why I'm "totally amazed" that nobody challenges the abject performance of this inept CEO, but in fact do quite the opposite and believe the "jam tomorrow" story.
To clarify my last post ~ posted because of the implied threat ~ I would like to see you banned and your post removed.
The following is the correct information concerning the comparison between the Russian standards of resource definition which are broadly similar to JORC As for acceptance or non acceptance of the Russian definitions ~ ~ 'In a similar fashion to the more commonly used international standards (JORC or 43-101), the Soviet system assigns reserves and resources to classes based on the degree of reliability based on the various stages of exploration. A, B, C1, C2 and P1 reserves and resources can be matched to the JORC and 43-101 categories. So in broad terms they give the same idea of valuation. The above info was posted some time ago.it should clear up the mis information published by some that are 'full of it'.LOL
I like the way those who hate NMG think it's a life style company~ I suppose we are to presume they have insider knowledge of the BOD private lives etc., Without the BOD we would not have an entry into the resources we have. Personally I think those that cannot move forward from what would appear to bad investment decisions in the past should get a life.Still if they overextended they have only themselves to blame, each time they post they relive their loss making decisions. Not my cup of tea. The sp will move forward in the not too distant future on further resource news and production start information.
Doubtful. The sp is well supported around 0.14, so I can't see it falling below unless any negative news hits. We should learn about the revised timetable to production within the next few weeks, so that should provide some impetus IMO. GLA
Looks like it will drop below the recent 0.14p placing price. I think some of the placees will sell out now rather than risk a loss which will put the share price under more pressure.